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Land Mark Judgement: No section 14A disallowance if assessee had sufficient interest free own fund

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  Case Law Details Case Name :  South Indian Bank Limited Vs CIT (Supreme Court of India) Appeal Number : Date of Judgement/Order : Related Assessment Year : Download Judgment/Order Land Mark Supreme Court Judgement: No disallowance u/s 14A of the Income Tax Act, 1961 Case Name:  South Indian Bank Limited Vs CIT (Supreme Court of India) Appeal No: Civil Appeal No. 9606 of 2011 Date of judgement/order: 09.09.2021 Court: Supreme Court of India In the landmark judgement the  Hon’ble Supreme Court of India  allowed the appeal of the South Indian Bank by settling the long drawn battle between the assessee and the department on whether proportionate disallowance of interest paid by the banks is called for under section 14A of the Income Tax Act for investments made in tax free bonds/securities which yield tax free dividend and interest of assesse Banks when assesse had sufficient interest free own fund which were more than the investments made. The Supreme Court held that where the Assessee
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Section 148 Reassessment order passed in case of non-existent entity is void

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Case Name:  Teleperformance Global Services Private Limited vs ACIT (Bombay High Court) Written Petition No 950 of 2020 Date of judgment/order: 09.04.2021 Related Assessment Year – 2012-13 Court: Bombay High Court The Hon’ble Bombay High Court has in case of writ petition filed by Teleperformance Global Services Private has held that assessment order passed against a non-existent company is void. M/s Tecnovate Esolutions Pvt Ltd (TSPL) was registered company engaged in business of providing back office services/remote data entry services for customers in and outside India. Under order dated 11.02.2011 a scheme of amalgamation of aforesaid company with M/s Intelnet Global Services Pvt ltd, was approved with effect from 01.04.2010 and since then TSPL ceased to exist. Subsequently, M/s Intelnet Global Services Pvt Ltd amalgamated with M/s Serco BPO Pvt Ltd. Thereafter there has been change in the name with effect from 11.01.2016 from M/s Secro BPO Pvt Ltd to M/s Intelnet Global Services P
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43rd GST Council Meeting Held on 28th May, 2021- Key Highlights

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  43rd GST Council Meeting Held on 28th May, 2021- Key Highlights To combat the difficulties faced by the taxpayers in the light of the second wave of COVID 19 pandemic accompanied with the gradual increase in the Black, white and yellow fungus cases, the 43 rd GST Council Meeting was held on 28 th May, 2021. A series of recommendations were issued through the Video meet chaired by Nirmala Sitharaman. The same are in the nature of recommendation and not effective as yet.  We have divided the same into parts for the ease of understanding and referral:   1.      Relaxations in various due dates   2.      Rationalization in late fees for filing GSTR1 and GSTR3B   3.      Cumulative availing credit as per GSTR2A for April, May and June-2021   4.     S implification in furnishing the mandatory requirement of Annual return and Reconciliation statement for 2020-21   5.      Retrospective effect for charging interest on net cash liability   6.      Relief in GST rates in
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Recruitment and Appraisal

  Team Composition The firm has a large number of employees consisting of Chartered Accountants, students pursuing Chartered Accountancy course and Company Secretary, MBA and Graduate in accounting. Our services covers compliances and assurance as per the provisions of the Company Law, Income Tax Law and other laws which influence financials directly. Team Training EAP takes various initiatives for the training of employees which are relevant to the execution of assignments including wide areas such as recent amendments/changes in the Acts relating to direct and indirect tax, new methods/processes for execution of works, advance excel skills.M Our training also covers guidance on handling of Val
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